GOLD (XAUUSD) - Weekly Technical Analysis Update

FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:

While the price is below the resistance 1920.00, continuation of downtrend is expected.
We make sure when the support at 1747.50 breaks.
If the resistance at 1920.00 is broken, the short-term forecast -continuation of downtrend- will be invalid.

Technical analysis:
The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg higher if price breaks and closes above downtrend.
While the RSI resistance #1 at 51 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 1846.50 on 09/28/2020, so more gains to resistance(s) 1909.00 and maximum to Major Resistance (1920.00) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 46.

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I can't thank you enough.
ForecastCity_ME Josef_anderson
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ForecastCity_ME Josef_anderson
@Josef_anderson, We wish you all the best with your trades.
Excellent analysis. Keep it up 👌
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I agree with you.
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